My first tounament over the weekend resulted in the Winner recieving 48 points. However, he should have only recieved 41. When I enter his position and the number of hits he recieved, it caculates correctly. However, on the summary page, the stats, and the export to StatsGenie, it awarded him 48 points. I do not have any points on the prizes except for 1 extra point for the bounty (which he did not get).

Do you have the "Points for hit:" field (on the Game tab) set to "1"? Because if you do, then you are awarding 1 point for each hit, PLUS you awarding one point for each hit in your formula. Hence, you are awarding 2 points for each hit. This would account for the additional 7 points.